Banking the Unbanked

©Veridium IP, Ltd. All Rights Reserved
BANKING THE UNBANKED

Attendees have been muted
You may submit questions at any time, but
we will respond at the conclusion of the
presentation during the Q&A session
BEFORE WE BEGIN

Tricia Martinez
Founder & CEO
Wala
• Serial entrepreneur and behavioral economist devoted
to solving problems for underserved customers
• Previously worked with subsistence farmers in Sub-
Saharan Africa to expose barriers in the financial
system
• Holds a Master’s degree in Public Policy, Behavioral
and Development Economics from the University of
Chicago
SPEAKERS

Lori Cohen
CMO
Veridium
• Seasoned veteran in brand strategy and corporate
communication
• Drives marketing strategy, lead generation, and
branding at Veridium
• Previously launched dozens of brands including
Mobiquity, Tesora, Gazelle, and LimoLiner
SPEAKERS

• The challenges of banking the under- and
unbanked in developing countries
• Innovations in mobile technology that
make it possible
• The role of blockchain & cryptocurrencies
in Wala’s deployment
• Why and how biometrics played a key
role in this project
AGENDA

Emerging Market Finances are Broken
Globally, over 3.5 billion people are not adequately
served by current financial solutions
1. ACCESS: Lack of financial infrastructure, required
documentation, credit history, financial literacy, or
intimidation of the banking system.
2. COST: Participation in financial services is cost-
prohibitive.
Emerging Market Banks
Mobile Network Operators
Cash is King
Bitcoin hasn’t reached the Unbanked
https://www.accenture.com/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_22/Accenture-billion-reasons-bank-inclusively.pdf
Unbanked represent a missed revenue opportunity of $380B(1) and a driver of economic growth

The Emerging Market Consumer
$269B in mobile money transactions in 2016
Two-thirds less than $0.80 in value
• Emerging market consumers cannot afford to pay 2% of their salary just to receive it, then convert it
straight into fiat because average transactions are unaffordable.
• An $0.80 transaction simply doesn’t work with a $1 fee.

Meet Wala
Wala is on a mission to help mass market consumers reach
financial prosperity by eliminating the barriers to banking.
We can achieve this by providing a digital platform for financial
institutions to:
• Reach, service, and support consumers more effectively.
• Minimize costs for consumers.
• Scale through the digitization of financial services.

The Wala Financial Platform
Wala is a mobile financial platform built on the
Ethereum blockchain that provides access to
transactional banking, remittances, loans and insurance
for the 3.5 billion underserved people in emerging
markets.
• Wala works with best of breed specialist providers in each
market they’re operational in, including banks, to offer a full
suite of financial services.
• Partners benefit from the reach and low-cost access to
previously unserviceable customers enabled by the Wala
platform.

Zero-Fee
Instantaneous
Micro-Payments
A crypto-token designed explicitly for emerging market consumers.
Meet Dala

A New Crypto-Token
• To enable a zero-fee and borderless financial
system, a new utility crypto-token, Dala, was issued.
• The Dala token, based on the ERC-20 protocol, is
used to reward platform-enhancing behaviors and is
redeemable for value-added services or
exchangeable into fiat currency on the Wala
Financial Platform.
• The reach of the Dala ecosystem will expand on the
back of partnerships, across borders and financial
services, enabling consumers and enterprises to
transact, save, lend, and invest with Dala.

The Origins of Wala
• Wala was founded on behavioral finance research
in Uganda.
• Research indicates that micro-incentives can yield
positive financial behavior change and for this
reason, the Wala team began testing incentives to
understand how rewards could influence financial
decision making.
• Over 2 years, Wala designed and tested a rewards
model that grew Wala communities by 800,000
members.
• Today, Wala’s financial communities exceed 1
million consumers from over 100 countries that
include Uganda, South Africa, Ghana, Rwanda,
Nigeria, and India.

Wala Today
Financial Platform is developed and
in the Play Store
Partnerships are integrated in the
platform to offer access to products
and services
Customers are ready to engage
ACCOUNTS & LOANS
AIRTIME, UTILITIES & MERCHANT
PAYMENTS
1 million +
Community
Members
MULTI FACTOR AUTHENTICATION

230 Million
Smart Phone
Connections in Africa
Wala + Veridium

Wala + Veridium
4-Finger Authentication for Registration and Transactions

WHY VERIDIUM?

THE IMPORTANCE OF COLLABORATION
+

DFS TECH BIOMETRIC CHALLENGE
Veridium was one of four companies awarded the DFS Tech Biometric Challenge grant.
This project was made possible by the DFS Lab with a grant from the Bill & Melinda Gates Foundation.
+

4 FINGERS TOUCHLESSID
Captures 4 fingers at once
Works on Android and iOS
On phones up to 10 years old
Not affected by environmental problems
Sensitive to Light Sensitive to Noise Not Ubiquitous

OUR GOAL
In addition to bringing banking services to the under- and
unbanked in Sub-Saharan Africa, our goal with this project is
to:
• Demonstrate how you can capture biometrics on an
unmodified smartphone
• Use biometrics for authentication in real-world
scenarios
• Gather intelligence on our solutions in-use in the
field

VERIDIUMID & 4 FINGERS
VeridiumID & 4 Fingers
TouchlessID allow for the
capture and authentication
of a customer’s biometric
via the camera on an
unmodified Android
phone.
This low-cost, scalable
solution can enable banks
to rollout services in
locations that couldn’t
sustain physical branches.

Databases Supported: AFIS, Interpol,
Eurodac, IDENT1, Aadhaar, and more.
©Veridium IP Ltd. All Rights Reserved
3. The new file is then sent to the
legacy database for matching against
the previously enrolled prints.
1. 4 Fingers Export SDK captures
your fingerprints using the phone’s
rear camera and LED flash.
2. Your biometric template is
normalized to 500 PPI and exported
to the required format.
.WSQ .WSQ
4 FINGERS EXPORT

4 FINGERS EXPORT
Veridium’s 4 Fingers Export SDK captures fingerprint biometrics touchlessly from unmodified iOS or Android
smartphones that have a 5MP camera and LED flash.
4 Fingers Photo Normalized Print Flatbed-Captured Print

iBeta testing
4 Fingers has been independently tested against the iBeta DEA-EPCS Biometric Test Protocol, using the ISO/IEC
19795-1:2006 standard methods.
4 Fingers achieved a 0.1% False Acceptance Rate with 95% confidence.
NIST currently developing a standard for contactless fingerprinting in conjunction with the FBI.

4 FINGERS IN THE WORLD
There are many other uses for 4 Fingers as well…

For more information contact: Info@VeridiumID.com
Phone: +1 877.301.0299 • www.VeridiumID.com • Twitter: @VeridiumID • LinkedIn: Veridium
UPCOMING WEBINAR
Privacy in a Biometric World
March 15th, 2018, 11 am EST
Speakers: Arun Ross, MSU
Asem Othman, Veridium

For more information contact: Info@VeridiumID.com
Phone: +1 877.301.0299 • www.VeridiumID.com • Twitter: @VeridiumID • LinkedIn: Veridium
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Banking the Unbanked

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